Featured article by Jeremy Sutter, Independent Technology Author
The technology industry has exploded recently. This has created a swarm of entrepreneurs who are trying to copy the success of the giants before them. Sadly, few make it as big as Google or Apple. And there is a fundamental reason why. They do not differentiate themselves from the market properly. Based on the wisdom of Warren Buffett, the billionaire who built Berkshire Hathaway, we have collected five tips that will transform your tech startup:
1. Go International
Right now, a disproportionate amount of the global technological sector is located in Silicon Valley, California, and other North American or European locations. The strong dollar and euro makes that less than ideal. If you copy what the people in California are doing, you are going to be competing with established companies, trying to do something that is really similar to what they are doing. Going international is a sure road to riches
Bringing your domestic capital to an international market inspires many countries, particularly in the developing world, to roll out the red carpet. There is a huge population of people in the third world who do not yet benefit fully from the globalization that tech and the internet has brought. Locations like Africa, Central Asia, or South America are all good to consider. Going international may seem scary, but it is very profitable if you are from North America.
Apple owes most of its success with the iPhone to low income labor in Taiwan who actually manufacture the handheld computer. Though it saddened President Obama, the simple fact is the American workforce is nit-picky, lazy, and incompetent at electronics fabrication. Their Taiwanese peers were a much better choice for Apple. You can learn from going overseas.
2. Be Brave
Companies that end up succeeding often are ridiculed in their early stages. No one ever succeeded by refusing to fail. We succeed by learning from our failures and trying again. Expect some pain in the process. Suppliers will not meet targets. Government regulators will whine and impose new penalties. Such is life. The best companies push through the barriers to the finish line.
3. Give to Philanthropy
Businesses that give to charity get a prominent name in their community. They attract workers who like being in a positive atmosphere. Having an employer charitable contribution matching plan incentivizes altruistic behavior on the part of your workforce. People pay attention when the corporate sector gives. If you set a standard of compassion for your company, you will be encouraging customers and suppliers to trust you more.
Furthermore, extending your commitment to sustainability by opting for sustainable custom printed mailer boxes not only aligns with environmental values but also reinforces your dedication to responsible business practices, fostering trust among stakeholders who appreciate a holistic approach to corporate social responsibility.
4. Use Nontraditional Financing
If you are heavily in debt, you are not the owner of your business. Your financier is. Your financier will determine what and how you can behave. One of the first goals of becoming a successful company is not being a stooge of the overly cautious investment community. Islamic financing is a good option for some. In Islamic style financing, the creditors are shareholders in the company from the start. Another good option is just to refuse to go in debt. It is slower, but it sets you free to pursue what is really important, fulfilling your dreams.
5. Be Humble
This is the most important, and sadly the most neglected step in business. Steve Jobs saw his impending death as a humbling motivator to prioritize what was truly important at the end of his life. Only thinking about money is not good or healthy for your business. Make sure that you take time to listen to people who challenge you. Have a chart book of weaknesses that you can improve on. What do honest observers say on how you should be moving forward better? If you are not listening to your enemies, you will someday have no friends.
Success is not easy, and it is all too rare. These five steps can put you a step above your peers. Insuring a business is just a little detail. Knowing your business is much more important.
